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Gov’t will be wise if crude oil dries off – Ex-lawmaker

Former Chairman House Committee on Economic Recession, Hon. Olabode Ayorinde, has said that Nigeria should be wise and diversify its economy instead of depending heavily…

Former Chairman House Committee on Economic Recession, Hon. Olabode Ayorinde, has said that Nigeria should be wise and diversify its economy instead of depending heavily on crude oil.

The former chairman stated this on Channels TV’s Sunrise Daily, adding that Nigeria should be an industrialized economy.

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He said, “If you have a country of our population with over 200 millions people and there is no policy of industrialization, that means you have big problem.

“I used to give example that if we cannot manufacture vehicles in this country don’t we have economic advantage of manufacturing tyres?

“All these challenges, we are talking about crude oil, if I were God, though no body can be God, let the crude oil dry off, we should be wise.

“Singapore has no drop of crude oil and it has large refineries, so how do we explain that? A country that doesn’t have oil put in place refineries and our crude oil find the way to be refined and we import it back.”